Paul Scheele

$TGTX completes enrollment for its Ph3 SC Briumvi trial for RMS pts. The trial will evaluate 2 SC Briumvi dosing regimens for Q2M or Q3M and is on track to present topline data expected YE26/ 1Q27. The trial will be a non-inferiority OPEN🤔 label trial. Briumvi is currently approved in US and several ex-US countries in its IV form. Co has previously highlighted the continued growth of the CD20 market in RMS (~65%/ 35% IV/ SC w/ IV market including SC Ocrevus given that it is HCP-administered). Co expects that this IV/ SC split may evolve over time w/ SC portion growing. In the CD20 market, 35% were self-administered which Co sees as likely to grow.

$AXSM key pipeline asset, Auvelity for ADA, company narrowed its guidance for sNDA submission timing (now 3Q from 2H25 BofA ADA opportunity comprises ~30% of our total Axsome valuation and we believe it represents a meaningful label expansion opportunity

$TGTX - correct it’s what many investors miss with $TGTX BRIUMVI especially the critics - DURATION of BRIUMVI likely over 10 years + Reoccurring Revenue just starting to compound here - all ready being Profitable here - continues to be nice longterm setup going forward